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Private Mortgage Insurance

Private mortgage insurance (PMI) is a type of insurance that protects a lender in the event that a borrower defaults on a mortgage loan. This type of insurance is typically required for borrowers who make a down payment of less than 20% of the purchase price of a home. Continue Reading Below

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Discover the definition of financial terms related to private mortgage insurance.

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Learn About Private Mortgage Insurance

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About Private Mortgage Insurance

Private mortgage insurance (PMI) is a type of insurance that protects a lender in the event that a borrower defaults on a mortgage loan. This type of insurance is typically required for borrowers who make a down payment of less than 20% of the purchase price of a home. PMI can help to protect the lender against losses resulting from a default, and can also allow borrowers with less than a 20% down payment to qualify for a mortgage loan. PMI premiums are typically paid by the borrower as part of their monthly mortgage payment.